Member Info for PFCvetran

Just a reminder that trading in Petrofac shares will be suspended from the 1st of May due to failure to provide end of year accounts (again).

Last chance to jump ship tomorrow before the restructuring takes effect.

What a s**t show.

Let’s see what the new world looks like if s like as a penny share. I suspect there are new contracts that will be announced shortly afterwards. 1.2p to 2p in the first 6 months? 80% profit? Hmmmm….. let’s see

I strongly suggest some people posting here read the restructure proposal as a lot of the posts below are materially inaccurate.

The restructuring document states that the company will issue 20,550 million new shares are part of the new investment and debt to equity with existing shareholders holdings retaining only 2.5% of their current value.

I’ll be here in May to compare notes dude …..

Saying that the dilution is priced in is to fundamentally misunderstand what is about to happen to this share. The mkt cap isn’t about to go through the roof and existing shareholders are going to be diluted by at least 97.5% as part of the restructuring deal. This is stated and restated in the recent RNS. The share WILL shortly be suspended until early May. All of this has been signed off by the court.

Before you jump in and buy for gods sake please go to the Petrofac website and read the last few RNS.

The share is about to be suspended and a massive dilution is coming.

Well done to anyone who’s day trading and got to ride this mornings wave , but for f**ks sake be careful if you’re planning to hold beyond today…..

So the next steps RNS crawled out today to zero fanfare.

The court has approved the restructuring.

The Secured creditors process has been set up.

No news on the retail shareholders promised scheme (which is pretty much worthless anyway).

Trading will be suspended from the 1st of May as the annual accounts won’t be ready (again).

Re launch date tbc but presumably the shares will start trading again at their new valuation of 1.5p or whatever.

Difficult decisions for anyone still brave enough to be holding.

For those like me who have lost life impacting sums of cash on this turkey over the years, the only interesting bit of the RNS was this…..

“Further to its announcement dated 6 March 2025, the Group draws the attention of retail investors to the appointment of Jon Yorke as independent representative. Those who held shares between 7 October 2005 and 5 October 2021 and think they may have a claim that is affected by the restructuring plan, are encouraged to contact Mr Yorke, without charge, by emailing ia@pl-plan.co.uk. Doing so will not affect your legal rights.”

A 1bn + valuation is fantasy land at this stage I’m afraid.

I think you’re just about on the money C.Nemo.

The best chance for those holding or those like me who have lost a fortune on this share and are currently out it the trading range between 1p and 3p while things settle down after the 31st of March. Lots of money to be made there potentially for the brave.

The dilution is NOT priced in. This is a fundamental misunderstanding of what is going to happen on the 31st of March.

So existing shareholders are now funding an additional £30m worth of additional share issue. Wow that’s an additional kick in the teeth taking the dilution to 2.2% vs the previous 2.5% .

Basically anyone holding on the 30th of March will see the value of their holding reduced by 97.8% on the 31st then?

I’m surprised it’s not being shorted more heavily or do different shorting rules apply with a court agreed dilution like this?

As nothing is happening for at least another month and a half, I’ve turned to thinking about PFC’s prospects moving forward.

We’ve heard a lot over the last couple of years about the £8bn backlog of orders but c£6bn of that is locked up in the Tennet deal. Other than the odd extension or small award, we haven’t seen a deal worth over £300m in circa 18 months.

I worry that this is storing up problems for the mid term even if they do make it through the current car crash.

I hope that we get a strategy update alongside the restructuring and hopefully some positive contract news. Shorts now up to 6.95% as well. I suspect this will climb further as Feb progresses.

The imminent massive share holder dilution takes place in Feb if the court approves. Is absolutely 100% NOT priced in. Read the RNS !!!!

Sounds counter intuitive doesn’t it? To be clear I’m highlighting the manipulation that we’ve seen time and time again with this share. A little pump, a bigger dump, shorts increase. Note the SP moves around the 20th where we saw exactly this happen.

I could be wrong, but I’d be expecting another dip before the end of the week and for TFG to nudge up their short holding again on the back of it…….

A bit of ramping on the board at the monent. Be careful if you’re new here.

Read the recent company RNS. MASSIVE dilution is coming late Feb.

Look at the short tracker. The SP is currently rising because TFG are currently building a position (up 0.1% again on the 20th).

If you buy and hold now you almost certainly will lose money.

Most former LTHs like me are waiting for the dust to settle post dilution to try and recoup some of our losses. Nice to see you Yorkshire!

Good luck all

Saying that the SP will be 8p post restructuring is fundamentally misunderstanding the restructuring proposal. 8p is the pre dilution market price. Read the RNS “existing shareholders will face significant dilution as part of the proposal”. Anyone holding going into the D4E is going to lose money…..potentially a LOT of money. The existing shareholder offering and warrant issue will almost certainly not offset this loss.

I’ve just read through the detailed proposal and spotted this little gem…..

If I’m reading the clause correctly, any existing holders who participate in the equity raise will get a 48% warrant allocation for every 100 additional shares they buy (from the initial tranche) for £0 consideration, exercisable in 5 years if the company reaches a £1.3bn valuation.

That makes things very interesting for LTH’s

Nothing happens before the vote next Feb so plenty of time to look for big dips to consider buying back in VS the impending 97.5% dilution once the restructure is triggered.

Not for the faint hearted !!

Not seeing an easy route to getting my £120k PFC losses back so far ……

So much worse than expected. I think even the most pessimistic had estimated a 4-5p range.

I don’t understand anyone buying today?

If my interpretation is correct, you’re buying a share at 8p that will be worth 0.2p post restructuring. So you’re essentially betting that the company will grow shareholder value over 40x before you get a return on your investment.

Madness!

I’ll wait until the bottom hits .

Absolutes for those who stayed loyal and stayed in. Every director should be hanging their head in shame today.

No usual kicking the can RNS today. What does it mean?

Shorts static at 5.73% since November. They don’t know.

No substantial new contracts in nearly a year since the second Tennet confirmation, but lots if small extensions / smaller contracts (mixed with some Meed red herrings?)

SP has been dead & floating in the 10-12p range for months.

I have no idea what’s going on.

I reckon most of the regulars on here have cumulatively lost £1m + with this company, and have been treated like crap.

Let’s hope there’s an opportunity to make at least some of that back when they finally update on what the plan is …….::

The September RNS outlined the financial restructure approach but nothing further has been heard since (the timelines mentioned for taking the proposal to the Court etc has been missed).

All good stuff George but the only thing all of us here are waiting for is the outcome of the in principle agreement on restructure that was announced on the 27th of September.

That is what is going to determine the level of dilution for holders, and the future of the business.

Unless a Hail Mary (not B) takeover saves the day as Apothacary notes…….

4pm kicking of the can down the road? Monday? Or finally, some news?

Just a reminder for those that have only recently drifted into the hellscape that is Petrofac investing…..the September refinancing RNS mad it explicitly clear that key components of the financial restructure proposal include both a rights issue and a debt for equity swap. Anyone purchasing now and holding faces a significant and all but inevitable dilution of their holding if the refinancing deal goes through.